The Toledo Museum of Art

Nonprofit profile at a glance

EIN
344434678
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Toledo, OH, USA
Phone
4192558000
Rating
87
Verdict
STRONG
Rating confidence
Moderate
Sector
Art Museums

Official website

Reported finances

Revenue
$37,991,971
Expenses
$37,200,095
Assets
$451,754,073
Liabilities
$31,300,787

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

38 people listed

Executive titles in this filing

  • ADAM LEVINE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ADAM LEVINE (EXECUTIVE DIRECTOR): $601,501 total reported compensation
  • JENNIFER MCCARY (CHIEF CULTURE AND BRAND EX): $233,789 total reported compensation
  • GARY GONYA (DIRECTOR OF BRAND STRATEGY (END 09-30-24)): $211,679 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

For 124 years, the toledo museum of art has offered free admission to one of the world's great art collections housed in its greek revival main building and the glass pavilion. The museum has an extensive education program, offering curriculum-based school tours as well as adult and children's art classes.

What it reported doing in 2024

With an emphasis on art education, the museum integrates art into the lives of people. The family center offers art-based activities free of charge. While there is a charge for most formal classes, the museum has an active scholarship program to support students who would not have the access or means to pursue art classes. The museum also provides bus funds to local schools and community centers to allow school children the opportunity to tour the museum in docent-led curriculum. For this reporting period, the museum provided over 700 scholarships to its 2,000 class attendees and hosted over 700 docent-led tours for both children and adults, with approximately 14,000 attendees.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 99% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 87
  • Accountability: 100
  • Sustainability: 62
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.6%; rating input score 91
  • Program expense ratio: 79.7%; rating input score 80
  • Fundraising efficiency: $9.66 raised per $1 spent on fundraising; rating input score 37; 37th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.1%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 12.14; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 79; 79th percentile among comparable filings
  • Officer compensation ratio: 5.7%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: 5.6% per year; rating input score 100; 46th percentile among comparable filings
  • Revenue growth: 4.2% per year; rating input score 100; 36th percentile among comparable filings
  • Asset growth: 3.5% per year; rating input score 100; 26th percentile among comparable filings

Details

  • Where the money goes: 90.6% of revenue deployed · 79.7% of spending went to programs
  • Governance: 25 of 25 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $29.6M in reported program spending
  • Leadership: top reported pay $602K · 38 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $6.3M reported
  • Consistency: 38 of 38 current checks pass
  • Schedules: 10 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 4 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 37/100.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.